Business Organization Securities Elections & Politics

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ISS Corporate Governance and Compensation Voting Policies for 2017

ISS has announced its policy updates for 2017 shareholder meetings. Significant corporate governance policy changes include negative voting recommendations for companies that restrict shareholders’ ability to amend the...more

ISS and Glass Lewis Update Their Proxy Voting Guidelines for 2017

Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”) recently updated the guidelines they will use to inform their voting recommendations for the 2017 proxy season. The updates address...more

U.K. Autumn Statement 2016: Key Implications for Investment Funds

On Wednesday 23 November 2016, Philip Hammond delivered the U.K. Autumn Statement, which included a number of announcements of relevance to the financial services industry. While relatively few new tax measures were...more

US Securities Exchange Commission Chair Mary Jo White Announces Departure at End of Obama Administration

SEC Chair Mary Jo White announced that she will leave the SEC at the end of President Obama’s term...more

Saudi Arabia Update - November 2016

Special Labor Courts Launching Soon - The Ministry of Justice (MOJ) and the Supreme Judicial Council have finally stepped forward with launching the special labor courts in Saudi Arabia, which are expected to begin...more

Proxy Advisory Firms Issue 2017 Voting Guidelines

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis) recently issued updated proxy voting guidelines for the upcoming 2017 proxy season. Notable updates were issued by one or...more

ISS Updates 2017 Voting Policies, Including Adoption of Policy to Recommend Against NCG Committee Members of Companies that...

On November 21, 2016, Institutional Shareholder Services (ISS) released final changes to its voting policies for 2017. One of ISS’s changes is the adoption of a new policy to recommend against the election of Nominating &...more

Examining the Impact of the 2016 US Elections on Executive Compensation

Will it soon be time to chart a new course in executive compensation? As a result of the November 8, 2016 election, Republicans will control the Presidency, the Senate and the House of Representatives beginning on...more

SEC Staff Reiterates No-Action Position on Proxy Access Amendment Proposals

The staff of the Division of Corporation Finance of the Securities and Exchange Commission has issued three additional responses to company no-action requests to exclude shareholder-proposed amendments to proxy access bylaw...more

A New Regulatory Paradigm For The SEC?

Many are speculating on the future of federal securities regulation as a result of the election of Donald J. Trump and the concomitant Republican control of both houses of Congress. Broc Romanek, for example, asks whether...more

New UK Foreign Investment Controls May Restrict PE Deals

As part of UK Prime Minister Theresa May’s new industrial strategy, private equity deal teams should expect a more interventionist approach to the acquisition of strategically important UK businesses by foreign buyers. The UK...more

The annulment of the CIT exemption for closed-end investment funds

On 31 October 2016, a Bill on the amendment to the Personal Income Tax Act and the Corporate Income tax Act was submitted to the Sejm. The Bill provides, among others, for modified principles of taxation for investment funds,...more

ISS Proposed 2017 Voting Policy Would Result in Recommendations Against NCG Committee Members of Many REITs

On October 27, 2016, ISS released certain proposed changes to its voting policies for 2017 for comment. One of its proposed changes is to recommend against the election of NCG committee members of any company that eliminates...more

Update on SEC Proxy Access No-Action Letters

Recent SEC responses to no-action requests involving shareholder proposals seeking initial adoption of a proxy access bylaw confirm that the SEC staff is continuing to evaluate company requests to exclude these proposals from...more

Lower taxes on Italian new-residents | Insights | DLA Piper Global Law Firm

The Italian Government has released a number of proposals in the Draft Budget Law aimed at encouraging international High Net worth individuals to live and invest in Italy. These include easier entry visas for foreign...more

SEC Proposes to Require Universal Proxies; Adopts Final Rules to Facilitate Intrastate Offerings

On October 26, 2016, the Securities and Exchange Commission (SEC) proposed amendments to the proxy rules to require parties in contested elections to use universal proxy cards that would include the names of all board of...more

SEC Proposes Rules on Universal Proxy and Voting Options

The SEC has proposed amendments to its proxy rules that would require the use of universal proxy cards in contested director elections, and would change the rules governing disclosure of shareholder voting options and...more

New draft regulation on REITs

On 14 October 2016, the Polish government published a long-awaited draft of a new law on real estate investment trusts (REITs) (Polish: spólki rynku wynajmu nieruchomosci). The draft has now been referred to public...more

Proposed Investment Tax Credit for Small Tech/Tourism Businesses in Alberta

On September 29, 2016, Alberta’s Minister for Economic Development and Trade was in Calgary to announce a plan to introduce a 30-percent tax credit program for investments in small businesses during the fall sitting of the...more

Pay-To-Play Meets The California Labor Code

In 2010, the Securities and Exchange Commission adopted a rule (17 CFR § 206-4(5)) prohibiting an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or...more

Remember Europe? Harshing My Mellow

Maybe it’s because I have been in Europe this past week (Munich at Octoberfest actually – Men in way-too-short leather shorts, dirndls, beer steins the size of a politician’s ego, the most astonishing amount of drinking, etc....more

Brexit: A Financial Free Zone Within the City

The UK Government recently indicated that it intends to negotiate a unique EU-UK relationship post-Brexit. It is hoped that the arrangements will be appropriate for the UK and London’s position as a leading international...more

Financial Stability Board Reports on Implementation of Over-the-Counter Derivatives Reforms 

The Financial Stability Board published its eleventh progress report on the implementation of reforms by standard-setting bodies, national and regional authorities and market participants to the over-the-counter derivatives...more

House Debate Scheduled for Bills Relating to Capital Access for Small Business

Next week, the House is scheduled to debate two bills designed to reduce regulatory burden on small businesses in order to facilitate access to capital. H.R. 5424, the Investment Advisers Modernization Act, was approved by...more

Why NOW may be the best time for developers to start EB-5 financing

Is there a serious risk that EB-5 will expire September 30, 2016? Anything is possible when Congress is in session, but none of the experts we talk to believe that the EB-5 program will be allowed to lapse....more

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